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Millet Market Size (2024 - 2029)

The millet market is experiencing growth due to increasing demand for nutrient-rich foods, particularly in regions like the United States, Europe, and Asia-Pacific. This demand is driven by a shift in dietary preferences towards healthier options, including millets and their derivatives, which are valued for their high protein content. The market's expansion is further supported by the cultivation of millets in diverse and challenging climates, with significant production in countries such as India, Niger, and China. The trend towards dryland agriculture in Africa is also contributing to the market's growth, as millets thrive in sub-tropical conditions with limited water availability.

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Market Size of Millet Industry

Millet Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 11.53 Billion
Market Size (2029) USD 14.43 Billion
CAGR (2024 - 2029) 4.60 %
Fastest Growing Market Africa
Largest Market Asia-Pacific

Millet Market Analysis

The Millet Market size is estimated at USD 11.53 billion in 2024, and is expected to reach USD 14.43 billion by 2029, at a CAGR of 4.60% during the forecast period (2024-2029).

Millet, a collection of small-seeded cereal grains, flourishes in arid climates. Across the globe, various millet types are cultivated, such as pearl millet, foxtail millet, finger millet, proso millet, and barnyard millet. Its ability to thrive in harsh conditions with minimal water makes millet crucial for areas grappling with water scarcity or subpar soil. Furthermore, the rollout of new millet varieties, customized for distinct climates, is propelling market expansion. For instance, in 2023, a partnership between HarvestPlus, the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), and the Lake Chad Research Institute introduced 'Jirani' and 'Chakti' in Nigeria. These are the inaugural biofortified pearl millets, enriched with iron. Designed to be climate-smart and naturally nutritious, these varieties aim to bolster household nutrition and farmer productivity in the face of global challenges.

Millet is a dietary staple in many regions, especially in Asia, Africa, and select parts of Europe. As the world pivots towards gluten-free alternatives to wheat and rice, and embraces plant-based diets, the demand for millet has seen a significant uptick. While urbanization in developing nations has shifted preferences towards processed foods, millets are carving out a niche due to their health benefits as a whole grain. This trend is further amplified by the increasing availability of processed millet products. In 2023, Nestle India launched a+ Masala millet-based porridges, highlighting both taste and nutrition. These porridges, made from locally sourced ingredients like bajra (pearl millet), barley, vegetables, and a distinctive mix of 10 spices, resonate with local dietary preferences. Consequently, the growing allure of millets, coupled with innovative product launches and an uptick in processed food consumption, is steering the market's growth.

Millet Industry Segmentation

Millets are a group of small-seeded grasses that produce cereal grains and are widely grown worldwide in semi-arid areas. Millets are used for fodder and human food due to their high nutritional content. The millet market is segmented by geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The report includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The report offers market size and forecast in terms of value (USD) and volume (metric tons) for the above-mentioned segments. 

Geography (Production Analysis by Volume, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend Analysis)
North America
United States
Canada
Europe
Germany
Italy
United Kingdom
Russian Federation
Asia-Pacific
China
India
Japan
South America
Peru
Argentina
Middle East and Africa
United Arab Emirates
Saudi Arabia
Turkey
Algeria
Mali
Nigeria
Niger
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Millet Market Size Summary

The millet market is poised for significant growth, driven by increasing global demand and strategic government initiatives. Millets, including varieties such as sorghum, finger millet, and pearl millet, are cultivated in diverse climates, particularly in regions like India, Niger, and China, which are the leading producers. The crop's high protein content makes it particularly appealing to vegetarian and vegan populations in the United States, Europe, and Asia-Pacific. The shift towards healthier, nutrient-rich diets post-pandemic has further bolstered the demand for millet-based products. In India, government efforts to promote millets as Nutri-Cereals and initiatives under the National Food Security Mission are enhancing production and productivity, thereby supporting both domestic consumption and export.

Africa stands as a major region for millet production and consumption, with countries like Niger, Mali, and Nigeria leading in both areas. The crop's resilience to drought makes it a viable solution for food security challenges in semi-arid regions. Recent policies in Africa aim to boost millet production through community seed banks and farmer networks. Internationally, the Indian government is actively promoting millet exports through strategic partnerships and initiatives, while private investments in millet-based startups are fostering innovation and market expansion. These efforts, combined with the rising global demand, are expected to drive the millet market's growth in the coming years.

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Millet Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rising Demand for Superfoods

      2. 1.2.2 Increasing Government Initiatives

      3. 1.2.3 Focus on Sustainable Crop Production

    3. 1.3 Market Restraints

      1. 1.3.1 Limited Awareness and Availability

      2. 1.3.2 Competition from Other Grains

    4. 1.4 Value Chain / Supply Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Geography (Production Analysis by Volume, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend Analysis)

      1. 2.1.1 North America

        1. 2.1.1.1 United States

        2. 2.1.1.2 Canada

      2. 2.1.2 Europe

        1. 2.1.2.1 Germany

        2. 2.1.2.2 Italy

        3. 2.1.2.3 United Kingdom

        4. 2.1.2.4 Russian Federation

      3. 2.1.3 Asia-Pacific

        1. 2.1.3.1 China

        2. 2.1.3.2 India

        3. 2.1.3.3 Japan

      4. 2.1.4 South America

        1. 2.1.4.1 Peru

        2. 2.1.4.2 Argentina

      5. 2.1.5 Middle East and Africa

        1. 2.1.5.1 United Arab Emirates

        2. 2.1.5.2 Saudi Arabia

        3. 2.1.5.3 Turkey

        4. 2.1.5.4 Algeria

        5. 2.1.5.5 Mali

        6. 2.1.5.6 Nigeria

        7. 2.1.5.7 Niger

Millet Market Size FAQs

The Millet Market size is expected to reach USD 11.53 billion in 2024 and grow at a CAGR of 4.60% to reach USD 14.43 billion by 2029.

In 2024, the Millet Market size is expected to reach USD 11.53 billion.

Millet Market Report Snapshots

Millet Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)